Are We Witnessing the End of Citizenship by Investment Programs?

Updated: Jun 24, 2021

The Cyprus Citizenship by Investment program, which enabled wealthy foreign investors to obtain a Cypriot passport within months of making an investment of €2m in qualifying investments, was terminated on 1 November 2020. Following a recent inquiry led by a Cyprus Government-appointed board, it was revealed that more than half the Cypriot passports issued under this program were illegal as the applicants did not meet the requirements for Cypriot nationality. Some applicants have even had their Cypriot nationality revoked.